Avery Supplies Uses a Periodic Inventory System $$\begin{array} { | l | r | r | } \hline \text { Accounts payable } & 9,700 & \\\hline \text { Cash } & & 9,700 \\\hline\end{array}$$

question 8

Multiple Choice

Avery Supplies uses a periodic inventory system.Avery purchased $10,000 of inventory on account.The terms were 3/10,n/30.The purchase was made on February 1.
-Avery paid the supplier on February 9.Which of the following journal entries properly records this payment transaction?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts payable } & 9,700 & \\
• \hline \text { Cash } & & 9,700 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts payable } & 9,700 & \\
• \hline \text { Purchase discounts } & 300 & \\
• \hline \text { Purchases } & & 10,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts payable } & 10,000 & \\
• \hline \text { Cash } & & 9,700 \\
• \hline \text { Purchase discounts } & & 300 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts payable } & 10,000 & \\
• \hline \text { Cash } & & 10,000 \\
• \hline
• \end{array}\]

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Definitions:

Types of Power

Various forms of influence that individuals or groups can possess, including but not limited to, coercive, legitimate, expert, and referent power.

Acknowledged

Recognized or admitted as being significant or important.

Managing

The process of directing and controlling a group or organization to achieve its goals.

Leading

The act of guiding, directing, or influencing others towards achieving a common goal or objective.